Businesses are using tools and software in order to scale their operations and ensure sustainability. This is especially relevant in finance and accounting departments, as digital and automated procedures can help to optimize workflows, lower expenses, and build better business relationships.

If you manage accounts payable (AP) for your business, you know how important it is to have a good system in place. AP software can save you time and money by automating many of the tasks associated with managing creditors.

Study shows that with AP automation software, invoice data is captured at a 99.5 percent level of accuracy. About 3.6% of supplier invoices that are generated manually have errors, which can take up a lot of time to fix and could even damage company credibility if left untouched, as stated by the Institute of Finance and Management (IOFM).

Accounts payable should be managed carefully to ensure that the company remains financially healthy and is able to meet its short-term financial obligations.

In this post, we’ll give you an overview of Accounts Payable and the tools you need to get started.

What Is Accounts Payable Software?

Accounts payable software is a central platform that helps businesses manage their relationships with creditors. The software can automate many of the tasks associated with AP, including invoice processing, payments, and reporting.

Why is Accounts Payable Important?

Accounts payable is an important part of any business for several reasons.

• First, it is a key financial metric that can be used to assess a company’s financial health.
• Second, it is an important factor in working capital, which is a measure of a company’s short-term financial status.
• And third, it can help businesses manage their cash flow.

What are the Different Types of Accounts Payable Software?

There are a number of different types of accounts payable software on the market. Some of the most popular options include:

• Invoicing software: This type of software allows you to automate the invoicing process.
• Payment processing software: This type of software allows you to automate the payment process.
• Accounts payable automation software: This type of software automates the entire accounts payable process.

Why is Accounts Payable Software Important?

Accounts Payable Software is important because it:

• Automate tasks: It can automate many of the tasks associated with managing creditors, including invoicing, payments, and record keeping.
• Keep track of payments: It helps you keep track of payments, which is important for cash flow management.
• Manage creditors: It helps you manage creditors, which is important for maintaining relationships.
• Reduce costs: It saves you money by preventing late payments and errors in invoicing.
• Prevent manual errors: It eliminates the need for manual data entry to achieve 100% accuracy.
• Optimize accounting workflow: It optimizes and streamline processes.
• Build trust and credibility: It gives you greater visibility into your spending, which can help you make more informed decisions about your finances.

How to Choose the Best Accounts Payable Software?

Now that you know the importance of Accounts Payable Software, it’s time to choose the best one for your business. When choosing Accounts Payable Software, consider the following:

• Pricing: The software should be affordable and offer a free trial so that you can try it before you buy it.
• Ease of use: The software should be easy to use so that you can get started quickly.
• Key features: The software should have the features you need to manage your Accounts Payable process.
• Integration: The software should integrate with your existing accounting software.
• Support: The software should come with 24/7 customer support so that you can get help when you need it.

Best Accounts Payable Software for All Types of Business

Here are highly recommended accounts payable software to enable you to process and manage payables in your business seamlessly:

1. Airbase [Spend Management Platform]

Like most AP tools, Airbase utilizes OCR technology in scanning invoices and extracting data. It automates your AP so you can process the transactions with ease. This accounts payable software eliminates siloed systems and the need to do manual processes that are more prone to errors.

• Price: Contact the sales team for a price quote.
• Ease of use: It is an intuitive mobile app that you can use on the go. It is an advanced and scalable solution with flexible features.
• Key features: Single automated spend management platform designed to provide maximum visibility. The automated workflows ensure safe, easy, and efficient company purchasing. Core features include batch approvals for bill payment, card auto-lock, and reimbursement delegation.
• Integrations: Works seamlessly with QuickBooks, Xero, Sage Intacct, and Oracle Netsuite.
• Support: Has both email and ticket support for products and solutions concerns.

2. Payfunnels [Send Invoices Instantly]

A hassle-free and flexible AP tool to manage your company’s payments, billings, and other finance operations.

• Price: Simple fixed pricing and currently offers the Unlimited plan at $29 billed monthly. There is no set-up fee, but you have to add Stripe fees.
• Ease of use: Quick set-up so you can get started in as fast as 60 seconds. It is perfect for non-technical users who are not knowledgeable about payment coding processes. Payfunnels lets you run the app and start with payment implementation.
• Key features: It creates and sends out invoices and sets subscriptions for recurring payments.  
• Integrations: Integrates with Zapier, Stripe, Slack, WordPress, and other apps that you are already using.
• Support: They have a dedicated email support team for app concerns and other inquiries.

3. Sage Intacct [Job Cost Management]

Best-in-class cloud-based accounting software that allows businesses to achieve optimal operational efficiency, manage IT costs, and get a clear picture of the financials to increase productivity and profitability.

• Price: Price quote available upon request.
• Ease of use: The automated accounting processes ensure compliance and audibility. It allows speedy accounts payable management and avoids manual processes.
• Key features: Streamlined accounts payable processes, real-time access to transactions and account data, and highly defined workflows that align with your organization.
• Integrations: The Sage Intacct platform has tools to import data from integrated services. The accounting team can easily configure the customizations so you can gather and display data instantly.
• Support: Directly contact the support team or connect with the peer community for issues about the software. There is also a knowledgebase page for valuable information about product features and functions.

4. NetSuite ERP [AP Software]

The NetSuite Enterprise Resource Planning (ERP) system is a cloud-based financial management solution to help businesses operate more efficiently. It automates the core processes and provides better financial and operational performance visibility.  

• Price: Contact NetSuite for industry-specific quotes.
• Ease of use: It has customizable dashboards and visual analytics for a clearer and no-fuss summary-level overview of the business activities.
• Key features: Simplified process for account management, inventory, distribution, and operations. Real-time visibility of processes at local, regional, and headquarter levels. Flawless order management for an error-free procurement.
• Integrations: Achieve a consistent flow of information into your NetSuite database from other systems and endpoints.
• Support: SuiteSupport feature for technical assistance and other resources to maintain your NetSuite ERP solution

5. Relay [Accounts Payable Automation]

This accounts payable software is designed to give you a clearer insight into your finances and effectively manage your cash flow.

• Price: Contact their sales team for a demo and pricing.
• Ease of use: Automatically imports bill data to have everything in a single dashboard. You can check your accounts and current cash position, review and approve outstanding payables, and automatically reconcile bills in the accounting system in one place.
• Key features: Useful features for AP solutions include Invoice approvals and payments, same-day ACH, unlimited international and domestic wires, and automatic W-9 forms collection from payees.
• Integrations: Supports connection with existing POS or job management systems
• Support: Aside from hands-on support through email, chat, and phone, actionable tools, and strategies are available on the blog. There is an advisor learning hub where insights and advice are given to small businesses. The FAQ page has answers to common Relay questions.

6. Dext [accounting software]

Accountants use a useful AP tool and accounting software to sort financial documents. It has all the necessary features for collecting and entering crucial accounting information. AP tools are meant to help businesses become more productive and profitable. Dext enables you to do this by giving you better data and insights.

• Price: Contact the sales team for a customized quote.
• Ease of use: The automated workflows ensure 99% data extraction accuracy. Working on the cloud means no physical storage is needed for retrieving archived files.  You can work hands-free but still maintain data precision.
• Key features: Easy data collection and storage, single standardized workflow. The Dext Prepare plan converts all paperwork into a standardized digital format. This allows you to extract data quickly without having to encode them manually.
• Integrations: Connect Dext with your current accounting software, as it integrates into just one tap. Popular integrations include Sage, Xero, Iris, Quickbooks, and KashFlow.
• Support: A help center is available aside from a dedicated support team.

7. Checkflo [Check Outsourcing Solution]

A flexible check outsourcing solution that also works as an accounts payable software. Checkflo lets you manage your bill payment progress on a single and secure platform. It automates the accounts payable processes so you can save time and resources when sending payments by check.

• Price: Scalable pricing options start at $1.99 per check.
• Ease of use: Automating the process simplifies upload, print, process, and safely mail checks.
• Key features: Unique features include customization, BIM modeling, POS, and Partial Payments.
• Integrations: Connects with API web services to upload data from other databases. Popular integrations include Quickbooks Online, FreshBooks, and Xero.
• Support: Aside from phone support, Checkflo offers an email/help desk, forum, and FAQ page for resources.

8. Checkrun [Automated Payment Solution]

A bill pay solution that lets you manage accounts payable to reduce errors and maximize your existing cash flow. You may consider it a simplified AP tool where you can manage all your business expenses in one place. The result is more efficient internal processing, faster bills payment, and lesser bank trips.

• Price: You can pay for an annual plan at $37.50 per month or a monthly plan at $50 per month. The most affordable option is the Checkrun Flex plan at $9.95 per month. You can add other Checkrun features not included on the Flex plan at an affordable price.
• Ease of use: Has an easy-to-use dashboard and delivers automatic payment reminders and approvals for efficiency.
• Key features: A mobile app allows you to approve and sign payments on the go. The print and mail service is a convenient way to print checks out. You can streamline approvals and see the audit trail for every payment.
• Integrations: Eliminate manual work and reduce double data entry with the two-way sync feature with QuickBooks Online.
• Support: Phone and email support are available.

9. Stampli [AP Automation & Invoice Management Software]

As a complete accounts payable software, Stampli lets you work on the accounts payable communications and documentation in one platform. This gives you complete control over your corporate spending. You will also gain better visibility of the bill activities and transparency of the statuses.

• Price: Contact the sales team for detailed pricing information.
• Ease of use: Uses AI technology and Machine Learning technology to automate AP invoice processing. It automatically learns the unique patterns on your approval notifications, identifies duplicate entries, and simplifies GL coding.
• Key features: Full bill activity and status visibility, audit-ready histories, and downloadable invoices. It is intelligent and flexible and can expedite approvals with invoice-centric tools.
• Integrations: Utilize agent-based file integrations to sync invoice coding, information, and payment data from QuickBooks Desktop.
• Support: Schedule an appointment with the team for questions about the AP tool.

10. AvidXchange [AP Automation & Accounts Payable Software]

Remove the burden of doing manual data entry and system maintenance with AvidXchange. This AP tool is SaaS software and works as a completely digital platform. You can eliminate paper-based accounting and migrate to electronic bookkeeping and invoicing.

• Price: Contact AvidXchange about pricing information.
• Ease of use: Increase efficiency as you review, code, and approve payments in under a few clicks. You can also create custom workflows for easy navigation and ensure data accuracy.
• Key features: AvidXchange is scalable, so you can keep using it as your team and workload grows. The cloud-based platform allows you to work anywhere and anytime with its 24/7 online access.
• Integrations: With over 220 integrations, AvidXchange can integrate with your existing accounting system. Your database remains intact, allowing you to streamline all other AP processes. Popular integrations for AvidXchange include FundEZ, Oracle NetSuite, RealPage, Sage, Acumatica, and Microsoft Dynamics.
• Support: Get in touch with the Customer Care team for any questions regarding the AvidXchange solutions.

Other Accounts Payable Software

Here are a few more alternatives if none of the Accounts Payable Software on our list meet your demands:

11. QNE Accounting Software [Accounting Software]

12. FreshBooks [Invoice and Accounting Software]

13. Tipalti [Payment Automation Solutions]

14. CrownRMS [Accounts Payable DMS]

15. Condo Control Central [Accounts Payable Software]

16. Precoro [Accounts Payable Tool]

17. Xero [Accounting Software]

18. Bill [Intelligent Bill Payment Platform]

19. Peakflo [Accounts Payable And Receivable Software]

20. Quickbooks [Cloud Accounting Software]

21. Centime [Cash Flow Management]

22. Corpayone [Spend Management Solution]

23. Payem [Spend Management Platform]

24. Payference [All-in-One Cash Management]

25. Patriot Software [Accounting and Payroll Software]

26. Spendesk [Spend Management Software]

27. Melio [Accounts Payable Software]

Your turn… 

Advanced technological solutions let you transform your business into an intelligent enterprise.

Using accounts payable software to process all your account payable transactions and capturing bill details on auto-pilot frees you more time to focus on improving products and growing your business. Accounts payable automation also deters fraud, reduces processing time and late payments, and improves efficiency and compliance.

We hope you enjoyed our list of the best Accounts Payable Software in 2022. If you have any questions or suggestions, please feel free to leave a comment below!